Business mathematics is mathematics used by commercial enterprises to record and manage business operations. Commercial organizations use mathematics inaccounting, inventory management, marketing, sales forecasting, and financial analysis. Mathematics typically used in commerce includes elementary arithmetic,elementary algebra, statistics and probability. Business management can be made more effective in some cases by use of more advanced mathematics such as calculus, matrix algebra and linear programming. Business Mathematics is very important for modern business management.
The forecasting and operating procedures are based primarily on business mathematics. Things such as simple interest and compound interest show a company what it will lose or get over the years if it invests in a particular asset. Business mathematics also helps in cost and price calculations which are the basis of cash inflows and outflows that all companies have to deal with. In academia, Business Mathematics includes mathematics courses taken at an undergraduate level by business students at University.
These courses are slightly less difficult and do not always go into the same depth as other mathematics courses for people majoring in mathematics or science fields. The two most common math courses taken in this form are Business Calculus and Business Statistics. Examples used for problems in these courses are usually real-life problems from the business world to help students gain a more detailed understanding. An example of the differences in coursework from a business mathematics course and a regular mathematics course would be calculus.
In a regular calculus course, students would study trigonometric functions. Business calculus would not studytrigonometric functions because it would be time-consuming and useless to most business students, except perhaps economics majors. Economics majors who plan to continue economics in graduate school are strongly encouraged to take regular calculus instead of business calculus, as well as linear algebra and other advanced math courses, especially real analysis. http://mathematics. blurtit. com/q849449. html MATH 107 Business Mathematics 3. 0 Credits Description
Business Mathematics presents math skills and knowledge that you can apply to solve financial problems. Finance plays a major role in our lives–car loans, mortgage payments, retirement plans, real estate investment–and knowing how to calculate the cost of borrowing or the return on investment is important to us. The course provides step-by-step guidance through sample problems and solutions related to banking, credit, basic finance and investment. You will also gain an understanding of financial instruments and terminology used in business finance such as compound interest, annuities and promissory notes.
The course serves as a good foundation for further study in management, accounting and finance. Delivery Method Delivery is self-paced, allowing you the flexibility to proceed through the course according to your own schedule. TRU-OL has no admission requirements and you can register for this course at any time throughout the year. Prerequisites Basic arithmetic and algebra skills, to the grade 11 level. NOTE: This course is NOT the equivalent of TRU’s on-campus MATH 107. Objectives Upon completion of this course, students should be able to: * Define the different ways in which interest on money can be calculated. Explain the meaning of simple interest, compound interest, equivalent rates of interest, promissory and demand notes, annuities, perpetuities, capitalized cost, depletion allowance, stocks and bonds. * Undertake the computations for problems of interest, annuities and perpetuities, capitalized cost, depletion allowances, stocks and bonds. * Use the results of mathematical calculations to help evaluate various options in reaching financial decisions, whether personal or business-related. * Evaluate and select financial arrangements which are best for you as a consumer. Course Outline Unit 1. Simple interest 2.
Compound interest 3 Simple Annuities 3. General Annuities 4. Debt Reduction, Sinking Funds, Capitalization and Wasting Assets 5. Stocks and bonds Maximum Completion 30 weeks Required Text and Materials 1. Hummelbrunner, S A. and K. S. Coombs. Contemporary Business Mathematics with Canadian Applications. 7th ed.. Scarborough, Ontario: Prentice-Hall Canada Inc. , 2005. Type: Textbook. ISBN: 013120128 2. Hummelbrunner, S A. and K. S. Coombs. Student’s Solutions Manual for Contemporary Business Mathematics with Canadian Applications. 7th ed.. Scarborough, Ontario: Prentice-Hall Canada Inc. , 2005. Type: Textbook. ISBN: 0131201298
Additional Requirements You will need a calculator with these functions: power, reciprocal, natural logarithmic, memory. Open Learning Faculty Member Information A course tutor is available to assist students by phone, mail, email address. The course package includes a welcome letter stating the tutor’s name, email address, postal address, phone number, and telephone office hours. Assessment To be awarded a passing grade in this course, you must pass the final examination. This exam will be based on the objectives of the six units, and will consist of calculations, multiple-choice exercises, and short-answer questions.